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Buyer Info

Santa Maria and Lompoc First Time Buyers, FHA Loan Info

What is an FHA loan? -- Essentially a FHA loan is a loan that is guaranteed by the Federal Housing Administration. Lenders typically do not want to lend unless on a home unless a buyer has a 20% down payment. If there is less than a 20% down payment, mortgage insurance is required. And, in today's market unless you have a credit score at least 720 or above you won't be able to get mortgage insurance.
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Santa Maria & Lompoc Buyers Betting on Appraisals to Save Them From Bidding Wars

There is intense competition for homes in the Santa Maria and Lompoc markets, especially for homes priced under $300,000. There simply aren't enough homes for interested buyers. It is not unusual when competing for a home to go up against 12 - 15 other buyers. And, some are pulling no punches when it comes to asking price.
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Cal STRS Home Loan Program for Santa Maria & Lompoc Teachers

Local teachers in Santa Maria & Lompoc may be eligible for the home ownership loan programs available through the California State Teachers Retirement Program ("Cal STRS'). Eligible participants can apply for several different loan options which can increase borrowing power and lower down payment requirements. Currently, Cal STRS offers a zero down option using a two loan 95% and 5% structure, as well as a low down option using a two loan 80% and 17% structure
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Where Have all the Houses Gone in Santa Maria – Orcutt?

When I searched the MLS for active properties this morning, I came up with 158 single family homes or condos for sale. 29 of those listings are short sales, and 35 are active REO listings. There are 234 contingent listings, and 222 of them are short sales. In the last 30 days, 131 homes have sold, with an average price of about $250,000, average price per square foot of $150, and averaging about 75 days on market. 28 of those sold homes were closed short sales, and 61 were REO (bank owned property) sales. Average days on market for short sales were about 120 days (this reflects the time period to obtain bank approval), and average days on market for REO listings was about 53 (this includes the time it takes to get the contract finalized by the bank).
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Clean Up Your Credit Before Shopping for a Central Coast Home

I've recently found a company that I feel good about referring people to for credit repair. I am often asked for credit repair referrals from prospective buyers. However, until recently I never felt confident sending people anywhere except off to a local book store to learn how to do it themselves -- which is a lot of work. For those who want assistance with their credit repair, please give me a call and I will provide you with contact information for this company. I feel confident referring people to them because they are using local representatives who have long standing relationships with the local community who can provide testimonials of people helped by the service, the price is reasonable at $500, and they offer a performance based gurantee.
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Central Coast Investor Tip — 20% Down Payment Required

For those looking to buy your first rental property, or pick up an extra one now that prices make sense again, be aware that lenders have rolled back the down payment requirements for investment property. Most lenders I polled recently say that a 20% down payment is required for an investment property. Many of us remember when lenders required a 30% down payment for investment property, and I wonder how long it will be until we are back to those days. Lenders slowly but surely increased the down payment requirement for investors during the housing boom and have slowly but surely increased that obstacle again.
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The Santa Maria Real Estate Market is Hot!

I know the media is saying that the real estate market is in the dumps. And I guess if you were hoping to get housing boom level prices for your home, it is. But if you are a Santa Maria or Ocutt home owner who needs to sell your home, you should know that the Santa Maria real estate market is hot! Why do I say that? Because homes that are priced in line with today's market that are not short sales, sell in less than a week. I feel as if this is a hidden secret of today's market place. Everyone believes that it is hard to sell your home right now, but even short sales that are well priced are receiving multile offers right now.
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Buying An Approved Short Sale in the Central Coast Market

What is an approved short sale? Let's start with what a short sale is -- a short sale is where the owner owes more on their loan than their home is worth but they still must sell the home. So, the home is placed on the market and offers are accepted -- subject to lender approval. Lender approval can take months to obtain. An approved short sale is a short sale where the seller has already received approval from the bank. So, usually they list the property at a price that the bank has already indicated that they will accept, and they typically indicate how much closing costs credit and any repair credits the bank will allow.
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